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Triple Divergence Pattern in Reliance is a very rare technical analysis pattern and this bearish divergence pattern is formed on the weekly charts. Reliance is a heavyweight stock of the Nifty 50. In the case of index management or any news, reliance also stops following the technical analysis.
The price action suggests that this stock is in a long term uptrend but the short term downtrend. It trades in the long term and short term channel.
On Fibonacci retracement, 78.6% is the retracement level for this stock. The current Fibonacci retracement suggests that this stock can correct till around Rs 1200. The stock is currently trading above 20 periods EMA. It also follows the inverted triangle multibagger pattern.
The reliance technical analysis suggests that it follows the movement of nifty. The option chain analysis is bearish. On the volume and delivery % front, The total turnover and the no of trades are decreasing. The delivery % is increasing and the big players are active in this stock.
In the last one month and one year, the returns of the reliance are superior compared to the returns of the nifty.
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